Thanks to Zottd, iPhone users can now port the popular VLC media player to their iPhone or iPod touch, making it possible to drag, drop and play MPEG/MPG, AVI and MP3 media formats. He is also in the process of researching playback for VCD, DivX, WMA, and WMV, and he notes that FLAC and OGG are coming soon. The project is currently in beta, but a public release is on its way. Naturally, you will need a jailbroken phone to take part in this awesomeness. [zottd via Macrumors]